Imports up 31%, exports drop by same percentile

Total imports in January 2024 was up by 31% registering MVR 5.1 billion worth of goods imported, reports Maldives Customs Service.

On the other hand, exports dropped by the same percentile; registering a 31% decline with MVR 173 million worth of commodities exported.

Imported goods total, excluding fuel rose by 29%, registering MVR 4 billion.

According to Customs, its revenue for the review month reached MVR 5.1 billion, a 7% increase and additionally collected MVR 3 million in royalties.

The major imported categories include fuel with MVR 1.1 billion worth imported, machinery and mechanical appliance imports at MVR 935 million, food items excluding pork, alcohol and tobacco at MVR 926 million.

The most exported commodity in January was skipjack tuna, with MVR 58 million worth exported while frozen skipjack tuna exports came second with MVR 43 million worth in exports. Yellowfin tuna exports placed third with MVR 26 million worth in exports.

With 18% of the imported commodities originating from the United Arab Emirates, worth MVR 938 million, the country is the largest importer to the Maldives while Oman is the second largest with 15% of the total imports originating from the country.

Thailand remains as the main export destination for the Maldives with 38% out of the total exported goods shipped to the Southeast Asian country.